Consumers
Food Stamps
Date:
December 24, 2009
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Direct Spending
Maximum Amount:
$0.50 billion
Deficit Impact:
$0.50 billion The Department of Defense appropriations bill contained a provision to extend the Supplemental Nutrition Assistance Program (SNAP), or food stamps, while also providing more funding to help cover state administration costs fo the program and to speed up the processing of applications.
Extended food stamp program funding was originally passed as part of the American Recovery and Reinvestment Act.
Notes:
Cost reflects the total deficit impact of the provision, calculated by using CBO estimates of extensions from ARRA in the jobs bill (as passed by the House on December 16, 2009, found at http://www.cbo.gov/ftpdocs/108xx/doc10874/hr2847.pdf) but altered to reflect a two month extension in funding for the program.
Extended through Defense Appropriations Bill
Date:
December 24, 2009
Who:
Dept. of Labor
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Direct Spending
Maximum Amount:
$11.30 billion
Amount Spent:
$11.30 billion
Deficit Impact:
$11.30 billion In the Department of Defense appropriations bill, an additional $13.6 billion in funding for unemployment insurance and benefits was included. The amendment included increased benefits and increased the number of weeks unemployed workers can be eligible for benefits by 20 weeks, from 79 to 99 weeks in the highest unemployment states. Unemployed workers are now eligible to receive 99 weeks of benefits beginning now through February 28, 2010.
Notes:
Estimates from CBO show a total cost of $11.3 billion for the increase in benefits.
Extended through Defense Appropriations Bill
Date:
December 24, 2009
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Tax Break
Maximum Amount:
$6.00 billion
Amount Spent:
$6.00 billion
Deficit Impact:
$6.00 billion As part of the Department of Defense appropriation bill passed in late December 2009, $6 billion was provided for COBRA health insurance subsidies. Under the bill, COBRA subsidies of 65% were expanded from nine to 15 months for recently unemployed workers, bringing the new eligibility threshold date to February 28, 2010.
Extended COBRA subsidies were originally passed as part of the American Recovery and Reinvestment Act.
Notes:
Updated estimates from CBO now project lost revenues from the COBRA subsidy to equal $6 billion over the 2010 -2011 period.
Unemployment Trust Fund
Date:
August 7, 2009
Who:
Dept. of Labor
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Direct Spending
Maximum Amount:
$7.50 billion
Amount Spent:
$7.50 billion The unemployment trust fund was a risk of running out of money in August 2009. The economic recession has fueled unemployment claims, depleting unemployment budgets in 18 states. With unemployment expected to remain high through the coming months, more states are expected to request loans from the federal unemployment trust fund. The law appropriates $7.5 billion to the unemployment trust fund.
Notes:
Amount spent reflects the total funds transferred into the unemployment trust fund, all of which the CBO expects the government to spend. Since the $7.5 billion addition by Congress from the general revenue of the Treasury to the trust fund is an intergovernmental transfer, the deficit impact is zero. Also, because states are required under law to cover all unemployment payments, those costs are already assumed under CBO's baseline projections. Thus, the $7.5 billion addition to the trust fund will not increase direct spending relative to the baseline.
Highway Trust Fund
Date:
August 7, 2009
Who:
Dept. of Trans.
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Direct Spending
Maximum Amount:
$7.00 billion
Amount Spent:
$7.00 billion The highway trust fund was at risk of running out of funds in August 2009. The trust fund, made up of revenue from gas taxes at the pump, has steadily declined over the past several years because the recession has caused people to drive less, sales of fuel-efficient cars have increased, and Congress has not raised the federal fuel tax since 1993 despite increased construction costs and inflation. This law serves as a temporary replenishment of the highway trust fund over the August legislative recess.
Notes:
Maximum amount and amount spent reflect the $7 billion infusion to the highway trust fund. Since the $7 billion addition by Congress from the general fund of the Treasury to the trust fund is an intergovernmental transfer, the deficit impact is zero. However, CBO estimates that the $7 billion addition to the trsut fund will shift $1 billion in outlays originally planned for FY 2010 into the final two months of FY 2009. As a result, outlays will increase by $1 billion on 2009 but will have no net impact over the 2009-2010 period on the federal budget.
Raise Limit on Insured Deposits: $100K to $250K
Date:
October 3, 2008
Who:
FDIC
Policy Area:
Financial Sector Policy
Economic Target:
Consumers
Economic Target:
Depository Institutions
Action Type:
Regulatory Change
Maximum Amount:
$700.00 billion The Emergency Economic Stabilization Act of 2008 temporarily raised from $100,000 to $250,000 the amount of deposit and share insurance in FDIC and Federal Credit Union member organizations. Initially, this law stated that the increased limit on insured deposits would last until 12/31/2009. However, On 5/20/2009 President Obama signed the Helping Families Save Their Homes Act, extending the temporary deposit insurance limit of $250,000 untill 12/31/2013. After that date, the FDIC deposit insurance limit will return to $100,000 except for IRAs and other retirement accounts.
Notes:
Limit will return to $100,000 after Dec. 31, 2013. Maximum amount indicates total value of new insured deposits.
Enhanced Consumer Protection for Credit Cards
Date:
December 18, 2008
Who:
Fed
Who:
NCUA
Who:
Treasury
Policy Area:
Financial Sector Policy
Economic Target:
Consumers
Economic Target:
Financial Institutions
Action Type:
Regulatory Change New credit card regulations adopted under the Federal Trade Commission Act, in coordination with similar sets of new rules adopted by the Office of Thrift Supervision and the National Credit Union Administration.
The new regulations, as described on the Federal Reserve's website:
Notes:
Associated costs, if any, are unknown.
Home Affordable Refinance Program
Date:
February 18, 2009
Who:
Treasury
Policy Area:
Sector Policy (Non-Financial)
Economic Target:
Consumers
Economic Target:
Housing
Action Type:
Regulatory Change Mortgage owners will be allowed to refinance with less home equity than what was permitted by previous regulations. Program applies to loans owned or guaranteed by Fannie Mae and Freddie Mac and is one of two principle programs under the Treasury's Making Home Affordable program.
Source:
Notes:
Budgetary impact of program is not known. Maximum and current costs also unknown.
Other Individual Tax Breaks
Date:
February 17, 2009
Who:
IRS
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Tax Break
Maximum Amount:
$72.00 billion
Amount Spent:
$57.00 billion
Deficit Impact:
$72.00 billion Provisions are part of the $787 billion "American Recovery and Reinvestment Act of 2009," a set of policies designed to mitigate the effects of the economic crisis. The act contains significant spending for direct worker assistance, infrastructure, healthcare, education, aid to states, and other areas, and tax breaks for individuals and corporations.
Notes:
Maximum amount is the peak cumulative cost of a provision over the period 2009-2019, though the provision may eventually cost less by 2019. Deficit impact is the final cost of a provision from 2009-2019. Amount spent reflects CRFB calculated continuations of disbursal rates since last reported on Recovery.gov in April 2010, and extrapolated to the present by CRFB staff.
Other Individual Tax Breaks
Date:
February 17, 2009
Who:
IRS
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Action Type:
Tax Break
Maximum Amount:
$0.00 billion
Deficit Impact:
$0.00 billion Provisions are part of the $787 billion "American Recovery and Reinvestment Act of 2009," a set of policies designed to mitigate the effects of the economic crisis. The act contains significant spending for direct worker assistance, infrastructure, healthcare, education, aid to states, and other areas, and tax breaks for individuals and corporations.
Notes:
Maximum amount is the peak cumulative cost of a provision over the period 2009-2019, though the provision may eventually cost less by 2019. Deficit impact is the final cost of a provision from 2009-2019. Amount is spent is currently unknown.
